Circle CEO Jeremy Allaire has said he believes “core” cryptocurrency assets are undervalued as the BTC price tumbles closer to $3500.
Allaire: ‘Markets Are Oversold’
In a ‘Ask Me Anything’ session January 10, Allaire, whose company from BTC in 2016, also forecast less correlated trading in altcoin markets.
“My general perception is that the markets have been oversold and that some core assets have decoupled from their usage, which suggests they are undervalued,” he wrote.
…We also believe that many assets have traded in a tight correlation to BTC, which is irrational. As the markets mature, we expect less correlated trading as investors better understand the value, utility and adoption of specific crypto assets and networks.
bitcoin price 00 had taken two downward Thursday, falling from $4050 to current levels under $3700.
2019: Highs Or Lows For BTC Price?
Opinions on the future for the largest cryptocurrency are mixed, with some well-known figures predicting lower lows in 2019 and others conversely anticipating new all-time highs.
This week, Civic CEO Vinny Lingham joined the first camp, Cheddar that BTC/USD was in for “one or two months” of sideways trading before making either an upwards or downwards move. The former, he warned, could see the pair drop below $3000.
As Bitcoinist previously meanwhile, trading guru Tone Vays has warned the BTC price could challenge just $1000.
At the same time, Japanese exchange Quoine CEO Mike Kayamori told mainstream media he believes new all-time highs for BTC will come “by the end of this year.”
For Allaire, optimism stems from the technical prowess of the BTC network.
“We look at things like hashrate health, , as key indicators of usage and adoption and underlying unit economic support,” he said.
Circle’s new-found optimism on BTC did not go unnoticed among commentators, who with the company’s pivot away two years ago.
What do you think about Jeremy Allaire’s comments? Let us know in the comments below!
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Published at Fri, 11 Jan 2019 11:00:28 +0000
